MIAMI – ZeroAvia, one company spearheading zero-emission, hydrogen-fueled flights, has raised US$21.4m in new Series A round funding. Breakthrough Energy Ventures and Ecosystem Integrity Fund led the raise, with follow-on investors Amazon Climate Pledge Fund, Horizons Ventures, Shell Ventures, and Summa Equity.
The company has also entered into a collaboration with British Airways (BA) and has received UK government investment via the ATI program, which provides US$16.3m in funding to produce a 19-person, electric hydrogen-powered aircraft ready for the market by 2023. It is said that the overall funds will reach US$37.7m; the total funding since the start of the program will reach US$49.7m.
The fundraiser enables ZeroAvia to further speed up the production of its hydrogen-electric powertrain. According to compositeworld.com, the Series A funds explicitly the next phase of its research and development program that is intended to improve and test the already certified ZA-600 powertrain aircraft capable of flying persons up to 500 km.
Investing in Success
The investments come after the company completed what is deemed the first battery-electric commercial flight in the UK back in June 2020 and the first flight in September 2020 of the HyFlyer I project, the largest hydrogen fuel cell aircraft. In the next three months, ZeroAvia plans a 250-mile long-distance flight.
ZeroAvia is arguing that this technology would replace traditional propulsion engines with hydrogen-powered engine technology that will produce zero emission, lower noise, fewer fuel and maintenance costs as well as a substantial reduction in overall cost of travel.
ZeroAvia is looking to market its hydrogen aviation solutions, which span different markets, in 2023 and will show flights of up to 500 miles with up to 20 seats by then. By 2026, ZeroAvia plans to fly aircraft up to 80 seats and with a range of more than 500 miles. According to the company, flights of over 1,000 miles with more than 100 seats will be zooming the skies by 2030.
Comments from ZeroAvia CEO
“Our most recent milestone achievements are closing the gap for the airline industry to begin its transition away from fossil fuels,” says Val Miftakhov, founder and CEO of ZeroAvia.
“In fact, more than ten forward-looking airlines are now gearing up to implement our powertrains when they are ready in 2023. Both aviation and the financial markets are waking up to the idea that hydrogen is the only meaningful path towards large-scale, zero-emission commercial flight.”
“We feel deeply grateful to our top-tier investors for joining us in the next phase of our exciting journey; to bring in a new golden age of aviation.”
ZeroAvia was recently recognized as a TIME magazine’s Best Invention of 2020 in the experimental category and is on Cleantech Group’s 2020 50TOWATCH list, which awards early-stage private companies delivering innovative solutions to combat the climate crisis.
Featured image: HyFlyer I Project aircraft. Photo: British Airways
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